Law No. 11,076, Of 30 December 2004

Original Language Title: Lei nº 11.076, de 30 de Dezembro de 2004

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LEI No. 11,076, DE December 30, 2004

Does It Have about the Agroanian Deposit Certificate? CDA, the Agroanian Warrant? WA, the Certificate of Creditorial Rights of Agronegócio? CDCA, the Agronegócio Credit Letra? LCA and the Agronegócio Revenue Certificate? CRA, gives new essay to devices of the Laws in the 9,973 of May 29, 2000, which has on the storage system for agri-livestock products, 8,427 of May 27, 1992, which it has on the granting of economic subsidy in the operations of rural credit, 8,929, of August 22, 1994, which institutes the Rural Product Cédule? CPR, 9,514, November 20, 1997, which has on the Real estate Financing System and establishes fiduciary disposal of real estate, and changes the Supervisory Rate that it treats Law No. 7,940 of December 20, 1989, and gives others provider.

THE PRESIDENT OF THE REPUBLIC I do know that the National Congress decrees and I sanction the following Law:

CHAPTER I

DO CDA AND DO WA

I Section

Initial Provisions

Art. 1º Stay instituted the Agroanian-CDA Deposit Certificate and the Agroanian-WA Warrant.

§ 1º The CDA is a credit title representative of promise to deliver agrolivestock products, its derivatives, by-products and economic value residues, deposited in accordance with Law No. 9,973 of May 29, 2000.

§ 2º The WA is a credit title that confers right of sir on the product described in the corresponding CDA.

§ 3º The CDA and WA are united securities, issued simultaneously by the depositary, at the request of the depositor, and may be transmitted either united or separately, upon endorsement.

§ 4º The CDA and WA are extrajudicial executive titles.

Art. 2º Apply to the CDA and to WA the standards of exchange law in which they are cableable and the following:

I-the endorsements must be complete ;

II-the endorsements do not respond by the delivery of the product, but,-only, by the existence of the obligation ;

III-is dispensed with the exchange rate protest to ensure the right of return against endorsements and guarantors.

Art. 3º The CDA and WA will be:

I-cartular, prior to its registration in registration and financial settlement system to which the art refers. 15 of this Act, and after its low ;

II-scriptural or electronic, while remain registered in registration and financial settlement system.

Art. 4º For the purpose of this Act, you understand how:

I-depositary: legal person apt to exercise the activities of guard and conservation of the products specified in § 1º of the art. 1º of this Act, third parties and, in the case of cooperatives, third parties and associates, without prejudice to the provisions of the arts. 82 and 83 of Law No. 5,764 of December 16, 1971 ;

II-depositor: physical or legal person responsible legal for the products specified in § 1º of the art. 1º of this Act handed over to a depositary for custody and conservation ;

III-authorized registrator: registration and financial settlement system of assets authorized by the Central Bank of Brazil.

Art. 5º The CDA and WA must contain the following information:

I-denomination of the title ;

II-control number, which must be identical for each set of CDA and WA ;

III-mention that the deposit of the product shall be subject to Law No. 9,973 of May 29, 2000, to this Act and, in the case of cooperatives, to Law No. 5,764 of December 16, 1971 ;

IV-identification, qualification and addresses of the depositor and the depositary ;

V-commercial identification of the depositary ;

VI-clause to order ;

VII-full address of the location of storage ;

VIII-description and specification of product ;

IX-gross and liquid weight ;

X-form of wrapping ;

XI-number of volumes, when cabin ;

XII-value of storage, conservation and expedition services, the periodicity of their collection and the indication of the responsible for their payment ;

XIII-identification of the product insurer and the value of the insurance ;

XIV-qualification of the warranty offered by the depositary, when it is the case ;

XV-date of receipt of the product and time frame of the deposit ;

XVI-date of issue of the title ;

XVII-identification, qualification and signature of the legal representatives of the depositary ;

XVIII-identification needs the rights they confer.

Single Paragraph. The depositor and the depositary may agree that the liability for payment of the value of the services referred to in the inciso XII of the caput of this article shall be from the CDA endossary.

Section II

The Issue, the Registration and the Circulation of the Titles

Subsection I

From Issue

Art. 6º The application for issuance of CDA and WA shall be made by the depositor to the depositary.

§ 1º In the solicitation, the depositor:

I-shall declare, under the terms of the law, that the product is of its property and is free and disembarked of any onus ;

II-will, in irrevocable character, be empowered to the depositary to transfer the property from the product to the CDA endossatcher.

§ 2º The documents mentioned in § 1º of this article shall be filed by the depositary together with the second routes of the CDA and WA.

§ 3º Issued the CDA and WA, is waived the delivery of deposit receipt.

Art. 7º It is provided the formalization of the deposit agreement, in the terms of the art. 3º of Law No. 9,973 of May 29, 2000, when the CDA and WA are issued.

Art. 8º The CDA and WA will be issued in at least 2 (two) lanes, with the following destinations:

I-first pathways, to the depositor ;

II-Mondays, to the depositary, in which the delivery receipts of the originals to the depositor shall be counted.

Single Paragraph. The titles will have sequential numbering, identical in both documents, in single series, vetoed in the sub-series.

Art. 9º The depositary issuing the CDA and WA shall be liable, civil and criminally, including to third parties, for the irregularities and inexation in them.

Art. 10. The depositor shall have the right to ask the depositary for division of the product in as many lots as to convince it and to request the issuance of the CDA and WA corresponding to each batch.

Art. 11. The depositary assumes the obligation to keep, conserve, maintain the quality and quantity of the product received in deposit and to deliver it to the creditor in the quantity and quality consignment in the CDA and WA.

Art. 12. Issued the CDA and WA, the product to which they refer will not be able to suffer an embargo, penhora, kidnapping or any other embarrassmentation that would preach its free and full disposition.

Art. 13. The time of deposit to be entered in the CDA and WA will be up to 1 (one) year, counted from the date of its issuance, and may be extended by the depositary at the request of the creditor, which, at the opportunity, will adjust, if necessary, the conditions of deposit of the product.

Single Paragraph. Extensions will be noted on the second avenues in power of the depositary and in registration and financial settlement system registrations.

Art. 14. Run in the penalty provided for in art. 178 of Decree-Law No. 2,848 of December 7, 1940-Criminal Code the one issuing the CDA and WA at odds with the provisions of this Act.

Subsection II

From the Registry

Art. 15. Registration of the CDA and WA in registration and financial settlement system of assets authorized by the Central Bank of Brazil, within the time limit of up to 10 (ten) days, counted from the date of issue of the securities, in which it will build the respective securities title control number, of which it treats the inciso II of the art. 5º of this Act.

§ 1º The CDA and WA registration in registration and financial settlement system will be preceded by the delivery of the securities to legally authorized institution custody for that purpose, upon endorsement-mandate.

§ 2º The custodian institution is responsible for effecting the endorsement of the CDA and WA to the respective creditor, when the withdrawal of the securities from the registration and financial settlement system.

§ 3º Vention the period of 10 (ten) days without the fulfilment of the providence referred to in the caput of this article, shall the depositor ask the depositary for the cancellation of the securities and their replacement by new or by receipt of deposit, on your behalf.

Subsection III

From Circulation

Art. 16. The CDA and WA will be traded on the scholarship and counter markets as financial assets.

Art. 17. When of the 1a (first) WA negotiation separate from the CDA, the registrar entity shall record in its records the value of the WA negotiation, the interest rate and the due date or, yet, the value to be paid at the maturity or the indicator that will be used for the calculation of the value of debt.

Single Paragraph. Business records carried out with the CDA and with WA, joined or separated, will be updated electronically by the authorized registrar entity.

Art. 18. The CDA and WA negotiations are exempted from the Tax on Credit, Exchange and Insurance Operations or relating to Securities or Securities.

Art. 19. Business occurring during the period in which the CDA and WA are registered in registration and financial settlement system of assets authorized by the Central Bank of Brazil will not be transcribed on the reverse of the securities.

Art. 20. The registrar entity is responsible for maintaining the registration of the business chain occurring in the period in which the securities are registered in registration and financial settlement system of assets authorized by the Central Bank of the Brazil.

Section III

From Product Withdrawal

Art. 21. For the withdrawal of the product, the CDA lender will arrange for the low of the CDA electronic record and will require the institution custodian the endorsement in the casher and its delivery.

§ 1º The low of the electronic record will occur only if:

I-the CDA and WA are in the name of the same creditor ; or

II-the creditor of the CDA shall confer, in cash, at the custodian institution, the value of the principal and the interest due by the date of the WA maturity.

§ 2º The consignment of the value of the WA debt, in the form of the inciso II of § 1º of this article, amounts to the actual and effective payment of the debt, and the amount consignee shall be handed over to the creditor of the WA by the institution custodian.

§ 3º In the assumption of the inciso I of § 1º of this article, the custodian institution will deliver to the creditor, along with the Cártula of the CDA, the cumtula of the WA.

§ 4º In the assumption of the inciso II of § 1º of this article, the custodian institution will deliver, along with the CDA of the CDA, comprobatory document of the consignment consignment.

§ 5º With the delivery of the CDA to the depositary, together with the respective WA or with the document referred to in § 4º of this article, the endossatarium acquires the property of the product described therein, extinguishing the mandate to which it refers to the inciso II of § 1º of the art. 6º of this Act.

§ 6º Are conditions for the transfer of the property or withdrawal from the product:

I-the payment of storage, conservation and expedition services in the form of the inciso XII and the single paragraph of the art. 5º of this Act ;

II-the fulfillment of the tax obligations, major and ancillary, concerning the operation.

Section IV

From Insurance

Art. 22. For issuance of CDA and WA, the mandatory insurance that it treats art. 6º, § 6º, of Law No. 9,973 of May 29, 2000, must have cover against fire, radius, explosion of any nature, electrical damage, vendaval, flooding, flooding, hurricane, cyclone, tornado, hail, aircraft declines or any other aerial or spatial devices, impact of terrestrial vehicles, smoke and any weather storms that destroy or deteriorate the product linked to those bonds.

Single Paragraph. In the case of public warehouses, the mandatory insurance that it treats the caput of this article will also contain clause against theft and theft.

CHAPTER II

DO CDCA, DA LCA AND DO CRA

I Section

Initial Provisions

Art. 23. The following credit securities are instituted:

I-Certificate of Creditorial Rights of the Agronegopolian-CDCA ;

II-Letter of Credit of the Agronegócio-LCA ;

III-Certificate of Receivable from Agronegócio-CRA.

Single Paragraph. The credit securities it treats this article are linked to receivables originating in business carried out between rural producers, or their cooperatives, and third parties, including financing or loans, related to production, commercialization, beneficiation or industrialization of agricultural products or inputs or machinery and implements used in the agroanic activity.

Section II

Agronegio Credential Rights Certificate

Art. 24. The Agribusiness Credential Rights Certificate-CDCA is title of nominative, free trading, representative of promise of payment in cash and constitutes an extrajudicial executive title.

Single Paragraph. The CDCA is of exclusive issuance of cooperatives of rural producers and other legal persons who exercise the activity of marketing, beneficiation or industrialization of agricultural products and inputs or of machines and implements used in the agrolivestock production.

Art. 25. The CDCA will have the following requirements, launched in their context:

I-the name of the issuer and the signature of its legal representatives ;

II-the number of order, location and date of issue ;

III-the denomination "Certificate of Creditorial Rights of Agronegócio" ;

IV-the nominal value ;

V-the identification of the receivables to it linked and their respective values, re-salvaged the provisions of the art. 30 of this Act ;

VI-due date or, if issued for parcelial payment, discrimination of the values and due dates of the various parcels ;

VII-interest rate, fixed or fluctuating, admitted to capitalization ;

VIII-the name of the institution responsible for the custody of the receivables linked to it ;

IX-the name of the holder ;

X-clause "to the order", ressaved the willing in the inciso II of the art. 35 of this Act.

§ 1º The receivables linked to the CDCA will be:

I-registered in registration and financial settlement system of assets authorized by the Central Bank of Brazil ;

II-custodian in financial institutions or other institutions authorized by the Securities and Exchange Commission to provide securities custody service.

§ 2º Caberá to the custodian institution referred to in § 1º of this article:

I-maintain under your guard documentation that evidenced the regular constitution of the receivables linked to the CDCA ;

II-carry out the physical and financial settlement of the custodial receivables, and must, for so long, be equipped with sufficient powers to make their collection and receipt, on account and order of the issuer of the CDCA ;

III-render any other services contracted by the CDCA issuer.

§ 3º Will be admitted to the issuance of CDCA in series, in which CDCA will be linked to a same set of receivables, and must have equal nominal value and confer on their holders the same rights.

Section III

Agronegox Credit Letter

Art. 26. The Credit Letter of Agronegócio? LCA is a nominative, free negotiation credit title, representative of promise of cash payment and constitutes extrajudicial executive title.

Single Paragraph. LCA is of exclusive issuance of public or private financial institutions.

Art. 27. LCA will have the following requirements, launched in its context:

I-the name of the issuing institution and the signature of its legal representatives ;

II-the number of order, the location and the date of issue ;

III-the denomination "Letter of Credit of Agronegócio" ;

IV-the nominal value ;

V-the identification of the receivables attached to it and their respective values, re-salvaged the provisions of the art. 30 of this Act ;

VI-interest rate, fixed or fluctuating, admitted to capitalization ;

VII-due date or, if issued for parcelial payment, discrimination of the values and due dates of the various parcels ;

VIII-the name of the holder ;

IX-clause "to the order", re-salvaged the willing in the inciso II of the art. 35 of this Act.

Single Paragraph. The receivables linked to LCA:

I-should be registered in registration and financial settlement system of assets authorized by the Central Bank of Brazil ;

II-will be able to be held in custody, applying in this case the provisions of the inciso II of § 1º and § 2º of the art. 25 of this Act.

Section IV

Common Provisions to the CDCA and the LCA

Art. 28. The value of the CDCA and the LCA will not be able to exceed the total value of the agronomic receivables to them linked.

Art. 29. The issuers of CDCA and LCA respond by the origin and authenticity of the receivables to them linked.

Art. 30. The identification of the receivables linked to the CDCA and the LCA may be made in a document to the party, of which the signing of the legal representatives of the issuer is made, by making mention of that circumstance on the certificate or in the records of the institution responsible for the maintenance of the registration systems.

Single Paragraph. The identification of the receivables linked to the CDCA and the LCA can be made by the corresponding registration numbers in the system to which the inciso I of § 1º of the art refers. 25 of this Act.

Art. 31. The CDCA and LCA will be able to contain other clauses, which will contain document in part, with the signing of the legal representatives of the issuer, making mention of that circumstance in its context.

Art. 32. The CDCA and LCA confer right of sion on the receivables to them bound, regardless of convention, not by applying the provisions of the arts. 1,452, caput, and 1,453 of Law No. 10,406 of January 10, 2002? Civil Code.

§ 1º The replacement of the receivables linked to the CDCA and the LCA, upon agreement between the issuer and the holder, will impose on the revocation of the pension on the replaced duties, automatically constituting new sir on the receivables data in substitution.

§ 2º In the serial CDCA emission hypothesis, the right to think referred to the caput of this article will focus on optimal fraction of the set of linked receivables, in proportion to the credit of the CDCA holder. of the same series.

Art. 33. In addition to the penhor constituted in the form of art. 32 of this Act, the CDCA and LCA will be able to rely on additional guarantees, real or fidejute, freely negotiated between the parties.

Single Paragraph. The description of the actual guarantees may be made in document to the party, signed by the legal representatives of the issuer, making mention of that circumstance in the context of the securities.

Art. 34. The receivables linked to the CDCA and the LCA will not be penned, hijacked or arrested in connection with other debts of the issuer of such securities, to whom it shall inform the judgment, which has determined such a measure, regarding the linking such rights to the respective securities, under penalty of responding to the damages resulting from their omission.

Art. 35. The CDCA and LCA will be able to be issued under the scriptural form, hypothesis where:

I-such securities will be registered in the registration and financial settlement systems of assets authorized by the Central Bank of Brazil ;

II-the transfer of your entitlement will operate by the records of the business effected in the form of the inciso I of the caput of this article.

Single Paragraph. The register entity is responsible for maintaining the business chain registration occurred with the securities registered in the system.

V Section

Agronegócio Creditorial Rights Securitization

Subsection I

From The Agribusiness's Revenue Certificate

Art. 36. The Agrible Certificate of Receivable? CRA is a title of nominative, free trading, representative of promise of cash payment and constitutes extrajudicial executive title.

Single Paragraph. The CRA is of exclusive issuance of the agribusiness receivables securitizing companies under the single paragraph of the art. 23 of this Act.

Art. 37. The CRA will have the following requirements, launched in their context:

I-name of the issuing company ;

II-order number, location and date of issue ;

III-denomination "Certificate of Revenue of Agronegócio" ;

IV-name of the holder ;

V-nominal value ;

VI-due date or, if issued for parcelial payment, discrimination of the values and due dates of the various parcels ;

VII-interest rate, fixed or fluctuating, admitted to capitalization ;

VIII-identification of the Credential Rights Securitization Term that has given you origin.

§ 1º The CRA will adopt the scriptural form, observed the provisions of the art. 35 of this Act.

§ 2º The CRA may have, as it has the Credential Rights Securitization Term, float guarantee, which will ensure its holder general privilege over the asset of the securitizing company, but will not prevent the negotiation of the goods that make up that asset.

Subsection II

Of The Securitizing Companies of Creditorial Rights of Agronegox and the Fiduciary Regime

Art. 38. The securitizing companies of agribusiness receivables are non-financial institutions constituted in the form of a corporation by shares and will be aimed at the acquisition and securitization of these rights and the issuance and allotment of Agribusiness Receivable certificates in the financial and capital market.

Art. 39. The securitizing companies of agribusiness receivables may institute fiduciary arrangements on receivables originating from agribusiness, which shall be governed, in what couber, by the provisions expressed in the arts. 9º to 16 of Law No. 9,514 of November 20, 1997.

Subsection III

From the Agricultural Creditorial Securitization of Agronegox

Art. 40. The securitization of agribusiness receivables is the operation by which such rights are expressly linked to the issuance of a series of credit securities, upon Term of Credential Rights Securitization, issued by a securitizing company, from which the following elements will be counted:

I-identification of the debtor ;

II-nominal value and the maturity of each receivable right to be linked to it ;

III-identification of the issued securities ;

IV-indication of other guarantees of ransom of the issued series titles, when constituted.

Section VI

Common Provisions to the CDCA, the LCA and the CRA

Art. 41. It is provided the fiduciary assignment in guarantee of agribusiness receivables in favor of the purchasers of the CDCA, LCA and the CRA under the provisions of the arts. 18 a to 20 of Law No. 9,514 of November 20, 1997.

Art. 42. The CDCA, LCA and the CRA may contain express clause of variation of their nominal value, provided that it is the same as the receivables attached to them.

Art. 43. The CDCA, LCA and the CRA will be able to be publicly distributed and traded in Stock and Commodity Exchanges and Futures and on organised counter markets authorised to operate by the Securities Commission.

Single Paragraph. In the assumption of the caput of this article, the provisions of Law No. 6,385 of December 7, 1976 shall be observed.

Art. 44. They apply to the CDCA, the LCA and the CRA, in which they are cableable, the standards of exchange law, with the following modifications:

I-the endorsements must be complete ;

II-is dispensed with the exchange rate protest to ensure the right of return against endorsements and guarantors.

CHAPTER III

TRANSITIONAL AND FINAL PROVISIONS

Art. 45. It is authorised to issue the CDA and WA, by the time limit of 2 (two) years, by warehouses that do not hold the certification provided for in the art. 2º of Law No. 9,973 of May 29, 2000, but which meet the minimum requirements to be defined by the Ministry of Agriculture, Livestock and Supply.

Art. 46. For the products specified in § 1º of the art. 1º of this Act, shall be vetoed the issue of the Knowledge of Depot and Warrant provided for in Decree No 1,102 of November 21, 1903, observed the provisions of the art. 55, II, of this Act.

Art. 47. The art caput. 82 of Law No. 5,764 of December 16, 1971, passes vigorously with the following essay:

" Art. 82. The cooperative that engaged in common sales may register as
general warehouse, and may also develop the activities provided for in Law No. 9,973 of May 29, 2000, and in that condition expedite Knowledge of Deposit, Warrant, Certificate of Agrolivestock Depot-CDA and Agri-livestock Warrant-WA for the products of their associates retained in their warehouses, themselves, or leased, without prejudice to the issuance of other securities arising from their normal activities, applying, in what couber, the specific legislation.

.................................................................... " (NR)

Art. 48. The art. 6º of Law No. 9,973 of May 29, 2000, passes vigorously with the following essay:

" Art. 6º ............................................................

........................................................................

§ 3º The depositary and the depositor will be able to define, by common agreement, the constitution of guarantees, which should be registered in the deposit agreement or in the Agrolivestock-CDA Deposit Certificate.

..........................................................................

§ 7º The provisions of § 3º of this article do not apply to the relationship between cooperative and their associates of which it treats art. 83 of Law No. 5,764 of December 16, 1971. " (NR)

Art. 49. It is up to the National Monetary Council to expedite the instructions that are necessary for the implementation of the provisions of this Act concerning the CDA, WA, the CDCA, the LCA and the CRA.

Art. 50. The art. 2º of Law No. 8,427 of May 27, 1992, passes effect with the following changes:

" Art. 2º .................................................................................

§ 1º ......................................................................................

.............................................................................................

II? at most, the difference between the exercise price in contracts for sale options of agrolivestock products launched by the Executive Power or by the private sector and the market value of these products.

..............................................................................................

§ 3º The subsidy referred to in this article shall be granted upon compliance with the conditions, criteria, limits and standards set out within the Ministry of Agriculture, Livestock and Supply, according to the existing budget and financial availabilities for the purpose. " (NR)

Art. 51. The art. 19 of Law No. 8,929 of August 22, 1994, passes in addition to the following § § 3º and 4º:

" Art. 19. .........................................................................

......................................................................................

§ 3º The CPR registered in registration and financial settlement system of assets authorized by the Central Bank of Brazil will have the following characteristics:

I-will be cartular before your registration and after your low and clerical or electronic while staying registered on registration and financial settlement system ;

II-the business that occurred during the period when CPR is registered in registration and financial settlement system will not be transcribed on the reverse of the securities ;

III-the registrar entity is responsible for maintaining the business chain registration occurring in the period when the securities are registered.

§ 4º In the hypothesis of counting with a guarantee of financial institution or insurer, the CPR may be issued in favor of the guarantor, and the issuer shall deliver it to this one, by means of endorsement-mandate with powers to negotiate it, cost it, register it in system of registration and financial settlement of assets authorized by the Central Bank of Brazil and endorse it to the creditor informed by the registration system. " (NR)

Art. 52. It is due by the investment funds regulated and audited by the Securities Commission-CVM, regardless of the assets that compose its portfolio, the Supervisory Rate instituted by Law No. 7,940 of December 20, 1989, in accordance with the values set out in Annexes I and II of this Act.

§ 1º In the caput hypothesis of this article:

I-the Supervisory Rate will be ascertained and paid quarterly, based on the daily average of the net worth referring to the immediately prior quarter ;

II-The Surveillance Fee will be collected until the last working day of the 1º (first) decension of the months of January, April, July and October of each year, observed the provisions of the inciso I of this paragraph.

§ 2º Investment funds which, on the basis of applicable regulation in force, do not erase the average daily value of their net worth, collect the rate of which treats the caput of this article on the basis of net worth ascertained on the last day of the quarter immediately prior to that of payment.

Art. 53. The arts. 22, single paragraph, and 38 of Law No. 9,514 of November 20, 1997, pass vigorously with the following essay:

" Art. 22. ......................................................................................

Single Paragraph. Fiduciary disposal may be contracted by physical or legal person, not being deprivation of the entities operating in the SFI, and may have as an oenepheric subject goods, hypothesis in which the payment of the laudan will be required, if there is consolidation of the useful domain in fiduciary. " (NR)

" Art. 38. The acts and contracts referred to in this Act or resulting from their application, even those aimed at the constitution, transfer, modification or renunciation of real property rights, may be concluded by public scripture or by instrument particular with effects of public scripture. " (NR)

Art. 54. Revoke the art. 4º of Law No. 9,973 of May 29, 2000.

Art. 55. This Act comes into force on the date of its publication, producing effects:

I-as to art. 52 and the Annexes I and II, as of January 3, 2005 ;

II? as for art. 46, starting from 365 (three hundred and sixty-five) days after the date of publication of this Act.

Brasilia, December 30, 2004 ; 183º of Independence and 116º of the Republic.

LUIZ INACIO LULA DA SILVA

Bernard Appy

Roberto Rodrigues